ઇંડિયન એલ્યુમિનિયમ કંપની

બીએસઈ: 500445  |  ઍનઍસઈ : INDAL  |  ISIN: INE249A01023  |  Aluminium

શોધો ઇંડિયન એલ્યુમિનિયમ કંપની કનેક્શન
ચેરમેનનું ભાષણ વર્ષ : Mar '04
Dear Shareholders,
 With the economy having gained its sheen, and having surged at 8 per
 cent during the year, backed by a good monsoon, and a resurgence on all
 fronts, consumer sentiments naturally revived. These developments at
 the macro level had a salutary effect on your Company's operations.
 Your Company's results have been indeed path breaking.  Gross revenues
 at Rs.16,140 million have risen by 18 per cent, vis-a-vis Rs.13,710
 million attained in the previous year. Profit before tax at Rs.1,837
 million has soared by 32 per cent over that of the earlier year at
 Rs. 1,391 million.
 As you are aware, your Company is now a subsidiary of Hindalco, a
 non-ferrous metals power house and is delisted from stock exchanges.
 To sustain growth levels, your Company has undertaken a slew of
 strategic initiatives and has embarked upon a further expansion of its
 Hirakud Smelter by 35,000 TPA, raising its capacity to reach a
 reasonable scale of 100,000 TPA.
 To ensure the uninterrupted flow of power, the capacity of the captive
 power plant at Hirakud is being increased to 167.5 MW from 67.5 MW.
 Your Company's alumina capacity is being augmented through an expansion
 at the Muri Refinery to 500,000 TPA with the backward integration of
 the new bauxite mines in Jharkhand and Orissa. Plans are afoot to scale
 up the special alumina capacity at Belgaum to 127,000 TPA to service
 high value segments, and stretch the overall alumina capacity at this
 plant to 650,000 TPA.  So you will notice that your Company is in an
 expansion mode on all fronts.
 Asset sweating, maximising operational efficiencies and a tight rein on
 costs, continue to be the hallmark of your Company.
 Going forward, I believe, the aluminium sector is on the cusp of
 growth. Worldwide, most economies are ratcheting upwards, backed by
 higher industrial production. In turn, this is expected to augment
 aluminium demand. Global aluminium demand is slated to rise at a CAGR
 of 5 per cent over the next couple of years vis-a-vis a growth rate of
 3.3 per cent over nearly a decade.
 A good sign is higher consumption from USA, parts of Europe and Asia.
 The flurry of activity in the transportation and housing sectors,
 enhanced spending on consumer durables across continents, bode well,
 stoking as they do the demand for alumina and metal usage.
 In India as well, the tidings are encouraging. The ongoing progress in
 the Indian economy, and the heightened pace of activity in the
 electrical, automotive and construction sectors - should stimulate
 growth.  A good monsoon, as forecasted by the meteorological team,
 would provide the extra flourish.
 Your Company is very well-positioned for ongoing success.
 Strengthening its operating base through enhanced capacities,
 amplifying its product range and introducing a range of distinctive
 applications, along with entrenchment into new global markets - form
 the strategic contours of your Company, going forward.
 Behind your Company's considerable achievements, lies the intellectual
 and emotional commitment that our people bring to their work. Besides
 operational efficiency and project management skills, honed under the
 most demanding and competitive conditions, it is the spirit of
 entrepreneurship and the way all of our employees bond cohesively with
 the organisation. I wish to record my genuine appreciation of their
 The Aditya Birla Group in Perspective
 Let me now take you through some of the key events of the last year:
 * One, we completed the restructuring of the non-ferrous metals
 business. Consequently, Hindaico has become a non-ferrous metals
 powerhouse with a global size.
 * Two, consistent with our objective of becoming a world-class,
 globally competitive, integrated copper player, we forayed into
 Australia with the acquisition of two copper mines - the Nifty Mines
 (2002-03) and Mount Gordon in the last year.
 * Three, as part of our portfolio restructuring process, we completed
 the sale of our stake in MRPL. MRPL is now well placed to continue to
 prosper, now that it is free of the shackles that we were constrained
 by. In doing so, we have kept the faith that so many investors had
 reposed in us when investing in this company.
 * We entered the land of the dragon, i.e., we ventured into China, with
 the acquisition of Liaoning Carbon Black.  This 12,000 tonne Carbon
 Black plant will enhance our global presence in this business. We are
 now the fourth largest Carbon Black player globally.
 * And finally, coming to market capitalisation: The market
 capitalisation of the listed Group companies in India increased 97.4%
 over the past year, far outpacing the rise of 62.7% in the BSE Sensex,
 over the same period. This measure reflects more than just numbers; it
 provides a sense of our standing in terms of governance, and the faith
 investors repose in us, and a recognition - at long last - of our
 efforts at value creation.
 The year that has just gone by has been I believe, a watershed year for
 our Group. Because, in this year, we have seen the last of the major
 restructuring initiatives that we needed to undertake. We have emerged
 stronger, fitter and a leader in many ways. And, now, we are at an
 inflection point. We stand at the threshold of a new phase in the life
 of our organisation. I do believe that the rest of the decade - from
 here on - will be marked by a distinctly different theme.The earlier
 accent - on restructuring and consolidation - will give way to a phase
 of growth, not just incremental and normal growth, but accelerated
 growth. So, the dominant theme, from here on, will be aggressive
 Focus On People
 All these years, our team across the Group, has stretched incessantly
 to make the Aditya Birla Group a great place to work in. In one
 sentence, we have sharply focused on creating a meritocracy. For us,
 this meant putting in place systems to induct the right talent, for
 spotting and tracking nascent talent, for creating leaders with a
 cocktail of skills, who have exposure to different functions,
 businesses and countries.
 Working with Hay Consultants, we have carried out an extensive job
 analysis and evaluation exercise. More than 4,500 jobs have been
 evaluated and competencies mapped. Succession plans are in place too.
 By and large, our objective is to make sure that the
 leadership-pipeline is always full of talented individuals who are
 raring to shoulder responsibilities that our various businesses offer.
 To foster a learning culture, at Gyanodaya, the Aditya Birla Institute
 of Management Learning, which is now looked upon as a benchmark for
 training, more than 2,130 executives were trained in 86 diverse
 programmes for honing their competencies, both for their current and
 future roles. A virtual campus has been launched through an e-leaming
 portal. Over 3,884 unique users, from top-down and bottom-up have
 enrolled in these self-learning projects. More than 25,725 man-hours of
 learning have been logged. Our intent is to provide unrivalled learning
 opportunities to our people across levels.
 Today, our Group is anchored by an extraordinary force of 72,000
 employees. More than 70 per cent of these are under the age of 40 and
 over 12,000 of our people are drawn from 20 foreign nationalities. Even
 as the focus on managerial capability is becoming much sharper, we are
 building capabilities not for an Indian manager who works
 internationally, but for a global manager, who happens to be an Indian.
 We are positioned in almost all our businesses at the cusp of a growth
 opportunity. Above all, our people have the passion that brings energy
 into the organisation.
                                                          Best regards,
                                                       Yours sincerely,
 7 May 2004                                        Kumar Mangalam Birla
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